Tenants and non-homeowners sometimes have nothing to offer as collateral in order to avail a loan in these times personal tenant loans help borrower to take loans without requiring any collateral. These loans are specifically for the people who do not own any property.
Borrower’s credit history plays an important role in enabling them to have this loan. A good credit history helps you avail the loan at easy terms, while poor credit might impose upon you some higher interest rate on your amount. To avail this loan, one has to fulfill some criteria, like borrower should be a full time employee, his bank account accepts a direct debt card facility, and he must have appropriate residence proof and contact number.
Since it is unsecured form of loan, and no collateral is offered to borrower against the loan amount, the rate of interest charged is higher. However absence of collateral keeps the borrower aloof of stress of losing his property and also helps him in getting loan in a very short period, because the paper works and other documentation problems are not required.Through personal tenant loan amount ranging from £1,000 to £50,000 can be borrowed which is 70-75% of your annual income and can be repaid between the repayment periods 1 to 25 years.
There are several lenders always willing to provide borrowers loan at easy terms and conditions. Applying online can be a very good source. Through online, borrower can find all loan related information, which can help him in finding the suitable lender.
These loans also help in improving credit history, if amount is repaid on time. For tenants who don’t have collateral to offer, personal tenant loan is a boon.